I'd say just get a Kobo Wifi and get reading. There's always gonna be something new just around the corner but if the current hardware does a good job at what you want it for, at a price you're happy with, then at least you know you're getting your money's worth out of whatever you get.
I'm fairly sure the only reason there was such a rapid release of the Kobo Wifi a mere 5 months after the original hardware launched was because the market changed drastically over the summer (what with the Kindle/Nook price war erasing the Kobo's price advantage, and then the Kindle3 hardware coming out).
I imagine Kobo will try to keep this generation of hardware their top-tier model for as long as they can, meaning they'll have third-gen hardware in development but not release it until the market forces them to. Any hardware upgrades will drive up production costs, meaning narrower profit margins on hardware sales. I imagine keeping those margins as high as possible, while staying competitive, would be rather important to them staying in business.
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